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Page 34 of 55 THE JOURNAL OF COMMERCE 35 WAREHOUSES AND DISTRIBUTION centers near the largest U.S. pop- ulation centers are fi lling up fast. The vacancy rate of 6.4 percent at the end of 2015 was the lowest in 15 years and is expected to get even tighter this year as retailers' demand for space outstrips supply. The top 12 regional markets are experiencing record low vacancy rates because of the steady recov- ery of consumer demand and the JOC GUIDE TO WAREHOUSING/INDUSTRIAL REAL ESTATE SPECIAL REPORT Rapid growth in e-commerce is squeezing an already-tight industrial real estate market CLICKS AND BRICKS By Peter T. Leach

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